Bangko Sentral ng Pilipinas (BSP) Governor Dr. Felipe M. Medalla reported in depth the topic “In Pursuit of Price Stability Challenges and Opportunities,” highlighting that the country’s gross domestic product (GDP) is expected to increase up to 6% amidst pent-up demand together with the target range of easing the inflation within the two to four percent by the end of the year 2023.
During his speech at the 2023 Philippine Economic Briefing, Gov. Medalla mentioned that the pent-up demand continues to drive growth amidst tighter monetary policy. However, he remains confident that the BSP will hit the target to reduce the inflation back to within the two to four percent target range by November or December despite the inflation of 8.7 percent in January.
The BSP assured that their policies had been supported by economic growth, and likewise, their future decision is guided by the assessment of the latest information.
The 2023 Philippine Economic Briefing was organized by the Philippine Chamber of Commerce and Industry (PCCI) Banking and Finance Committee in partnership with the Philippine Exporters Confederation Inc. (PHILEXPORT), VC Securities Corporation, Samgyeopmasarap and Philippine Business Bank (PBB) on 27, February 2023 at the Makati Diamond Residences, Makati City. AOB